Revolving Debt Jumps as Spending Strains Credit Cards
Credit card debt surged 14.5% annually as spending pressures mount.
In brief
Credit card debt surged 14.5% annually as spending pressures mount. Revolving credit grew 14.5% annually in September as consumers struggle with rising expenses. Originally reported by Pymnts.
Revolving Credit Growth
Revolving credit, including credit cards, rose 14.5% annually in September.
Nonrevolving Credit Slows
Nonrevolving credit growth slowed to 3.6% for a second straight month.
Paycheck to Paycheck Strain
Among paycheck to paycheck households, debt confidence fell 10.1 percentage points.
Spending Pressures Rise
29.6% of cardholders said regular expenses rose while 27.5% said expenses exceeded income.
Debt Management Shift
16.4% of consumers canceled purchases to save money or pay down debt.
Credit Card Debt Impact
Revolving balances climbed 14.5% annually as households struggle with rising costs.
What matters most
Revolving credit grew 14.5% annually in September as consumers struggle with rising expenses.
